5% exponential growth is actually a very lot. Wave 30 (where players start to struggle with killing boss and minibosses, because of their hp) is 2.08 times more hp. Good players can reach wave 60 (but these runs are far from farm ones, they're fighting for life), which means hp and dmg of monsters are increased almost 9 times. Decent "farm" run which would be wave 100 means that monsters hp and attack are increased over 63 times - not only you wouldn't have a chance killing boss within 2 minutes, but also any mob would kill you with 1 attack, including warrior with rage ultimate.
More reasonable option would be changing exponential hp growth to just 1% and damage growth to 2-2.5%. 1% hp growth would mean that at w100 monsters have ~2.33 times hp more, which would be bit higher than w30 (where everything startd becoming hard). 2-2.5% damage growth would mean 5.38-8.1 times dmg more - pretty tough, but at least we won't die due to 1shot.
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